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Alternative Assets  + Asset Management  + Crypto  + Crypto  + Markets  + Real Assets  | 
Fidelity Set to File for Spot Bitcoin ETF

Fidelity Set to File for Spot Bitcoin ETF

Fidelity Investments is preparing to submit its own filing for a spot bitcoin exchange-traded fund (ETF), following in the footsteps of BlackRock and other asset managers, unnamed sources told crypto publication The Block.

The launch of a spot bitcoin ETF is seen as a significant development in the market, providing investors with exposure to bitcoin without having to directly deal with the asset.

This will be Fidelity’s second attempt at launching a bitcoin ETF, after its previous filing for its Wise Origin Bitcoin Trust was denied by the SEC.

Still, the $4.2 trillion asset manager has been involved in digital assets through its dedicated arm, Fidelity Digital Assets. Having entered the scene with the launch of its Ethereum trading service for institutional clients in late October 2022, Fidelity Digital Assets has established itself as a serious contender in the market.

BlackRock’s spot bitcoin ETF application, and other companies including Invesco, WisdomTree and Bitwisee joining the frenzy, has markedly improved sentiment in the space with the price of Bitcoin recently setting a new high for the year above $31,000.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.